2017-11-08 / Letters

Tell Faso to Vote “No”

Call our Representative, Republican John Faso, at his Delhi office at 607-746-9537 to tell him to vote against the “taxcut” bill.

It raises federal taxes on couples earning less than $18,650 while dramatically cutting them on the wealthy and big corporations. The top 1%, those earning over $730,000, would receive about 50% of the tax benefit next year and 80% in 10 years.

Small “pass-through” corporations like partnerships, limited liability companies, S corporations and sole proprietorships earning less than $260,000 for couples or less than $200,000 for singles, don’t benefit at all but big corporations get a 15% cut.

People with big medical bills would lose those deductions. Student loans couldn’t be deducted. But instead the estate tax of 15% for big multimillionaires would disappear, as would the wealthy’s Alternative Minimum Tax. For example, if Donald Trump is worth $10,000,000,000, as he claims, when he dies his already wealthy and wives would likely inherit an additional $1.5 billion. That extra amount is equal to giving each person in Delaware County $34,000!

The Republicans say the wealthy’s tax cuts will magically encourage them to pay lots more to workers, and hire more of them. This has been tried many times before under both Republican and Democratic administrations and has never resulted in large pay increases and only occasionally has corresponded with small increases in employment. In fact, after Reagan’s large tax cuts, wages went down and unemployment went up. For the bottom 80% of Americans the value of wages has either dropped or been roughly the same for well over 40 years. This is largely due to the decline in workers bargaining power because of the decline in union strength. Instead the wealthy have used their extra money to gamble, to automate, or to pay more dividends to their already wealthy stockholders.

The federal taxes we’ve been paying are used for disaster relief, roads, schools, healthcare, and lots more.

The budget the Republicans passed already says how they’ll keep the losses from this tax proposal to under $1.5 trillion additional to the national debt. They’ll massively cut Medicaid, and the Medicare and Social Security that we’ve already paid for separately with each paycheck. Warmaking will get billions more. Representative Faso voted for that budget. Now we need him to vote against the tax cut for the wealthy in order to save our lives.


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